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Chapter 1: Life is Economics

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Chapter 1: Life is Economics What is Economics? Why should we study Economics? Section A: Unlimited Wants and Limited Resources Scarcity Does scarcity affect all of ... – PowerPoint PPT presentation

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Title: Chapter 1: Life is Economics


1
Chapter 1 Life is Economics
2
What is Economics?
  • Why should we study Economics?

3
Section A Unlimited Wants and Limited Resources
  • Scarcity
  • Does scarcity affect all of the following?
  • Consumers
  • Businesses
  • Government

4
Section B Opportunity Costs
  • Trade-Offs and Opportunity Costs
  • Ted and his Girlfriend pg. 11
  • What are Teds trade-offs and costs?
  • His girlfriends?
  • Is there an opportunity cost to not doing
    homework?

5
Section C From Resources to Products.
  • Production
  • Resources
  • Factors of Production
  • Natural Resources
  • Labor
  • Capital
  • Entrepreneurship

6
Section D How Economists Use Models
  • Model
  • Based on assumptions
  • Used to understand past, present and future.
  • Often change
  • Used by government and business

7
Section E Making Rational Choices
  • Rational Choice- Taking greater value over those
    with lesser values.
  • Different opinions make it hard

8
  • Positive Statements
  • Facts that can be proven
  • Normative Statements
  • Opinion
  • Cannot be proven
  • People can disagree

9
Section F Production Possibilities Frontier
  • Different combinations of two products that can
    be produced from a given quantity of the four
    factors of production.

10
Crusoes Possibilities
  • Make a table that lists all of crusoes possible
    choices.

11
  • Can Crusoe produce outside the PPF?
  • What does it mean if he is producing inside the
    PPF?
  • How could he move the PPF outward?
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